Forest Research Sells 50% Of Technology Subsidiary

Tuesday, 30 November 1999, 9:24 am
Press Release: Mediacom press release distribution

Rotorua-based Forest Research has today announced the sale of 50% of its interest in Greenweld Technologies Ltd (GTL) to Innovative Technology, a technology investment company representing the interests of Tony Petley (and associates). Forest Research will retain the remaining 50% interest in the company.

Under the sale agreement, Forest Research Chief Executive Bryce Heard said that Forest Research will continue to provide ongoing technical services to GTL, and Mr Petley will manage the global affairs of the company. A four-person board, chaired by Forest Research will govern the company.

The new ownership structure will allow the shareholders to contribute their respective skills as well as to introduce new knowledge and networks to grow the company's business. GTL will provide technology services that enable its customers to add value through wood processing operations. Its core technology will derive from the Greenweld(R) process technology and its worldwide patents. The technology is still the only one of its kind in the world proven to join timber irrespective of moisture content and temperature across a broad range of species and processing systems. Experience gained over several years has demonstrated the flexibility of the technology and will enable GTL to tailor solutions to provide substantial savings for its customers.

ENDS....

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